Combatting tax evasion in Italy
The Guardia di Finanza (GdF), Italy’s financial police are checking around 59,000 people who have been transferring around €33bn from Italy to San Marino which is considered to be a tax haven.
After the GdF’s research, it looks as though more than 1,050 bank accounts, allowed them to discover more than €850 million hidden from the authorities and €153 million tax evaded value. Further in the examination, it shows that a total of 58,841 people completed financial transactions between Italy and San Marino, from whom 26,953 are Italians and the further 31,888 are from San Marino or other jurisdictions.
As the GdF stated, the double taxation agreement the two parties signed and came into force in October 2013, which has significantly helped information sharing.
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